Global Markets Soar as Tensions with Iran Ease Amid Corn and Soybean Price Slump

Corn and soybean prices saw sharp losses overnight, continuing the string of big daily price swings.

The uptrends in corn and soybeans remain intact on the daily bar charts, but support levels for the summer rallies are being closely watched. In other markets, front-month crude oil futures were sharply lower this morning, while the US dollar index was trading around 80 points lower.

The easing of tensions between the US and Iran helped lift global stock and bond markets, pushing down oil prices. President Trump's administration has decided to hold off on plans to escalate US strikes against Iran, partly due to concerns about diminishing air defense stockpiles.